April 03, 2008

The National Association of Homebuilders, who cut off funding to their poodles in Congress a few months ago, get their little bitches back in line



Ah, ya gotta love our Senate. The best that the REIC could buy. Harry Reid? Corrupt. Chris Dodd? Corrupt. Mitch McConnell? Corrupt. Chuck Schumer? Corrupt.

And the National Association of Homebuilders? Happy as a clam now that their poodles have rewarded them for stupid behavior with a massive tax break.

Vote 'em out folks. All of 'em. Our leaders have been corrupted by the REIC. The House and Senate have been sold to the highest bidder. If they don't want to reform, if they don't want to cut off the REIC money, then the voters need to do it for them.

It's time to throw the bums out. And maybe arrest a few of 'em too. This should ENRAGE YOU.

Builders Get Breaks From Congress - Builders, Mortgage Companies Get Additions, Subtractions They Asked for in Senate Housing Deal

Homebuilders and the mortgage industry are emerging as big victors in a bipartisan agreement reached by Senate leaders on legislation designed to limit the housing crisis.

The $15 billion measure, announced Wednesday by Majority Leader Harry Reid, D-Nev., and GOP leader Mitch McConnell of Kentucky, contains a $6 billion emergency tax break that would let companies use losses from 2008 and 2009 to offset profits earned over the previous four years, instead of the usual two-year timeframe.

That's good news for big homebuilders such as KB Home and Pulte Homes Inc., which have been saddled with massive losses over the past year.

Homeowners facing bankruptcy, however, won't find relief in the proposal.

The mortgage industry fought fiercely to spike a provision to let bankruptcy judges rewrite the terms of distressed mortgages. It won that battle; the provision was left out.

Earlier this year, the builders' trade group was so dissatisfied by lawmakers' actions -- notably not including the tax provision in the economic stimulus bill-- that it snapped shut its political purse. NAHB said it would stop making contributions to congressional candidates "until further notice."

Since 1990, the trade group has given nearly $20 million to federal candidates, with 35 percent going to Democrats and 65 percent to Republicans, according to the Center for Responsive Politics.

It's not clear if the new plan will kick back open the coffers.

Other big beneficiaries would be Wall Street banks such as Citigroup Inc., Merrill Lynch & Co. and Morgan Stanley. In fact, any company now struggling after years of healthy profits that pumped up their tax bills could benefit.

23 comments:

Anonymous said...

This is the land the forefathers wished for......NOT!

Anonymous said...

Just as delinquencies and defaults are rising among mortgage products, problems are also mounting for auto lenders.

Anonymous said...

I read that as part of the deal, states will be allowed to issue $10B worth of bonds, tax free, to subsidize mortgages. Is that $10B in total or $10B per state? If it's total, yawn, $10B means a few hundred dollars for the millions about to foreclose. If it's per state, holy fucking $500B bailout batman!!

BondsOfSteel said...

I want 'Free Goverment Money!' too.

I think I deserve it more than Citibank\home builders since I haven't actually caused the crisis with my own greed.

tangelo mozilo said...

Well, Keith, I don't know why you're complaining. It's for the greater good, and anything that Uncle Scam can do to rescue us from a rescession is alright with me.

After all, a rescession is an unthinkable evil that must be avoided at all costs; if that means forced redistribution of wealth, then so be it.

Is my sports jersey clean? I'm ready for some NASCAR.

Buzz Saw said...

Wow, congress is corrupt. I had no idea.

Anonymous said...

I can tell you this tks Keith UNTIL THIS HOUSING BUBBLE MY HEAD WAS UP MY AZZZ. This is my biggest wake up call tks hp I am a change woman.As I knew it was as housing bubble I had no ideal of how much deeper it went.

Ed said...

Which party runs Congress again? How's that 2006 vote working for everyone?

And who is Keith supportihg for president? A Democrat Senator. And not just any Democrat Senator, the most liberal Senator who is at the forefront of the bailout.

Refuse to buy overpriced said...

HP, what do you think of the following propositions?

1. The price fix / bailout currently being prepared by the Congress is a greater evil than the bubble itself. Responsible taxpayers, savers and future first time buyers will be forced to pay for the recklessly unwise actions of borrowers, lenders and investors.

2. The three men most responsible for the bailout / price fix are economist Mark Zandi, Senator Charles Schumer and Congressman Barney Frank.

3. Ben Bernanke is intellegent enough to know that the price fix / bailout is grossly unfair to taxpayers, savers and future first time homebuyers. His conscience is bothering him for his complicity. This is the impression I got from watching his testimony yesterday.

LI Surfer said...

I understand your sentiment to "vote them all out", but what effect is that going to have if you just put in another Democrat or Republican? None. (I'm not voting for any republicans until we're out of Iraq for a good 10 years). So is a 3rd party the answer? Not likely anytime soon. So it must be time to start drafting declarations and organizing the resistence.

Anonymous said...

From the quoted text of the article:
"...It's not clear if the new plan will kick back open the coffers...."

The writer not so subtly put "kick back" into the article. How cynical. Surely our elected representatives wouldn't be looking for a kick back, now would they?

Anonymous said...

I think we should all go out and buy homes and then default on it and ask for a government bailout. Heck, one could easily buy a 200K home, put down 3% and then after making a few payments, if they wanted to, they could not make payments for six to nine months (and thus recoup most of the 3% down payment) and wait for the foreclosure process to start and then ask for government help because "I didn't understand the documents I was signing off on".

Anonymous said...

I sure am glad we put Nancy Peloser and Harry Greed back in charge of Congress in 2006. Bailouts for all the speculators and lenders.

Banana Republicrat said...

I was watching Benny yesterday explain how BS just plum overlooked(*aww shucks*) their collapse and how JPMC dictated the terms of the deal, and it struck me just how significant that moment is.

The balance of power has shifted: They don't even need to pretend anymore. The creeps running the show can extort money from the US at will.

We (April 2nd, 2008 per BB our economic spokesman), as a nation, no longer have control over our economy, this is the day I have waited for...

The US has declared dependence and is now officially a giant consumer plantation!

Welcome to the United States of America (a territorial possession of Bermuda and The Cayman Islands)

I think I'm going to start calling our economy "King George's Revenge!"

Anonymous said...

It's amazingly cheap to buy votes. The NAR and the homebuilders made a financially sound move with this one.

If I get laid off this year, can I get a refund on the last 5 years of taxes that I've paid?

Ed said...

"2. The three men most responsible for the bailout / price fix are economist Mark Zandi, Senator Charles Schumer and Congressman Barney Frank."

Mark Zandi must own 50 investment properties. There is no other explanation as to why he is so gung ho for a bailout.

You should add Chris Dodd to the list too. And WTF is it with NY/NE politicians pushing this? We keep hearing how NYC is immune to the downturn and Boston has supposedly turned the corner. Yet the leading proponents come from NY, CT and MA.

Anonymous said...

Hey, I thought a democrat controlled congress was going to fix these things and help the little guy.

democrat = republican = republicrat = thieves

Anonymous said...

This sounds like an awesome bailout! Big business (and their shareholders!) get relief, while the silly FB sheeple still lose their homes. Whats not to like about this?? Unless you're one of the sheeple.

Anonymous said...

You should put up a donate button on the site. From the proceeds we can buy some pols for cheap.

sac'to watcher said...

Fascist ed sez,

"And who is Keith supportihg [sic] for president? A Democrat Senator. And not just any Democrat Senator, the most liberal Senator who is at the forefront of the bailout."

And once again we hear from ed, our resident fascist. Not to be confused with edd, who isn't. So, Obama is more liberal than Feingold or Sanders - the only Socialist in the Senate? Give me a f'k'n break. Wealth redistribution is coming - one way or the other. We tried unregulated crony-capitalism - it failed.

Anonymous said...

K Street Kick-Backs?

That connotation sounds so cheap and pedestrian...let's elevate it to 'legislative rebates' or 'political patronage rewards'

After all, Congress does need to maintain its high social standing...

Anonymous said...

Since 1990, the trade group has given nearly $20 million to federal candidates, with 35 percent going to Democrats and 65 percent to Republicans, according to the Center for Responsive Politics.

65%???? It speaks for itself. Republicans are the biggest crooks and you should be ashamed of being a Republican. Then you have the nerve to talk about socialism. Republicans are the biggest socialists in the nation.

Magyc said...

This is not a done deal yet...it has not been voted on in the Senate and it has to pass the House. Email or call your Senator right now...most of the bailout will probably go through, but this gift to homebuilders has been defeaated before and can be beaten back again, IF the Senators know that people are watching.